Strong momentum throughout Q4 2024 underpins 2025 guidance
GIG Software Plc (First North: GiG SDB), a leading B2B iGaming technology company, is pleased to announce its fourth quarter and year ended 31 December 2024 financial results.
Key Operational Highlights
- Underlying revenue growth of 44%, with revenue of €8.6 million in Q4 2024 excluding client exits and Enterprise revenue (Q4 2023: €6.0 million)
- 19% revenue growth quarter on quarter to €8.8 million in Q4 2024 (Q3 2024: €7.4 million)
- Delivered key customer launches including The Pools in the UK market, for both platform and GiG’s market-leading sportsbook
- Seven commercial agreements signed including with a key existing customer, Betsson, and six new customers
- Continued pipeline expansion, with a total annual contract value size of €75 million as at 31 December 2024 of which €16 million already signed on long term contracts
- Launch cadence continuing into January with the launches of Betzone and Primero in January 2025 (January 2024: one)
Financial Summary
Q4 2024
- Revenue* of €8.8 million (Q4 2023: €9.1 million) for the fourth quarter of 2024
- Adjusted EBITDA** for the fourth quarter of 2024 of €0.1 million (Q4 2023: €1.1 million) at a margin of 1% (Q4 2023: 12%)
- Operating loss before intangible asset impairments (EBIT) for the fourth quarter of 2024 was €6.1 million (Q4 2023: loss of €3.8 million)
Full Year 2024
- Revenue* of €31.8 million (2023: €37.8 million) for the year ended 31 December 2024
- 34% ARR (defined as annualised contractually secured revenue from customers) increase to €33.4 million as at 1 January 2025 (1 January 2024: €24.9 million)
- Adjusted EBITDA** at a loss of €3.0 million (2023: profit of €11.1 million) at a margin of -9% (29%) for the year ended 31 December 2024
- Operating loss before intangible asset impairments (EBIT) at a loss of €28.0 million (2023: profit of €4.8 million) for the year ended 31 December 2024
- Cash and cash equivalents balance of €6.3 million as at 31 December 2024
Q4 2024 Financial Breakdown
All comparative 2023 figures are presented on a proforma basis having been previously consolidated in the historic group prior to the spin off at the end of Q3 2024.
| €m | Q4-2024 | Q3-2023 | Jan-Dec 2024 | Jan-Dec 2023 |
| Revenue | 8.8 | 9.1 | 31.8 | 37.8* |
| Adjusted EBITDA** | 0.1 | 1.1 | (3.0) | 11.1 |
| EBITDA*** | (0.4) | 0.7 | (7.2) | 20.0*** |
| Adjust EBITDA margin | 1% | 12% | -9% | 29% |
| EBIT | (6.1) | (3.8) | (28.0) | 4.8*** |
| (Loss)/Profit after tax | (6.0) | (3.9) | (80.2) | 4.6 |
| Cash and cash equivalents | 6.3 | 10.6 | 6.3 | 10.6 |
* 2023 results contain €7.8m one-off revenue related to GiG Enterprise Solution sale (2024: €1.3m)
** Adjusted for share-based payments, one-off spin-off related costs and one-time asset impairments
*** 2023 EBITDA/EBIT contains €10.4m reversal of contingent consideration for 2022 SportnCo acquisition recognised in 2023
Richard Carter, Chief Executive Officer of GiG, commented:
“Q4 2024 marked a transformational quarter both in the growth delivered and the foundations laid for 2025, and I am confident as I look to 2025 and beyond of GiG’s ability to deliver the desired results and growth accordingly.”
Investor Webcast
CEO, Richard Carter, and CFO, Phil Richards, will provide a presentation and Q&A for investors and shareholders via the Investor Meet Company platform on Thursday, 27 February 2025 at 10.00 a.m. CET / 9.00 a.m. GMT.
The online presentation is open to all existing and potential shareholders and registration is free. Questions can be submitted during the presentation and will be addressed at the end.
Investors can register for the presentation via the following link:
https://www.investormeetcompany.com/gig-software-plc/register-investor
Financial Statements and Notes to the Accounts
For access to the Financial Statements and Notes to the Accounts for the fourth quarter and year ended 31 December 2024, please view the accompanying PDF attachment.
For further information, please contact:
| GiG Software PLC
Richard Carter, Chief Executive Officer Phil Richards, Chief Financial Officer
|
[email protected] |
| Vigo Consulting (Investor Relations)
Jeremy Garcia / Kendall Hill / Peter Jacob |
Tel: +44 (0) 20 7390 0230 |
About GiG Software Plc
GiG Software is a leading B2B iGaming technology company that provides premium solutions, products, and services to iGaming operators worldwide, fully compliant with regulatory requirements. GiG’s proprietary technology empowers our partners by delivering dynamic, data-driven, and scalable iGaming solutions that drive user engagement, optimise performance, and propel sustainable growth in the ever-evolving digital landscape. GiG’s vision is to be the pioneering force in the iGaming industry, transforming digital gaming experiences through innovation and technology that inspire and engage players worldwide.
GiG operates out of Malta and is listed on the Nasdaq First North Premier Growth Market in Stockholm, Sweden, under the ticker GiG SDB.
Find out more at www.gig.com.
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LinkedIn: https://www.linkedin.com/company/gig-gaming-innovation-group/
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This information is information that GiG Software Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 am CET on February 27, 2025.
